PZT vs. MEAR
Compare and contrast key facts about Invesco New York AMT-Free Municipal Bond ETF (PZT) and iShares Short Maturity Municipal Bond ETF (MEAR).
PZT and MEAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PZT is a passively managed fund by Invesco that tracks the performance of the ICE BofA New York Long-Term Core Plus Muni. It was launched on Oct 11, 2007. MEAR is an actively managed fund by iShares. It was launched on Mar 3, 2015.
Performance
PZT vs. MEAR - Performance Comparison
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PZT vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 0.25% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 6.21% |
MEAR iShares Short Maturity Municipal Bond ETF | 0.58% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Returns By Period
In the year-to-date period, PZT achieves a 0.25% return, which is significantly lower than MEAR's 0.58% return. Both investments have delivered pretty close results over the past 10 years, with PZT having a 1.83% annualized return and MEAR not far behind at 1.75%.
PZT
- 1D
- 0.43%
- 1M
- -1.43%
- YTD
- 0.25%
- 6M
- 1.39%
- 1Y
- 2.84%
- 3Y*
- 2.31%
- 5Y*
- -0.01%
- 10Y*
- 1.83%
MEAR
- 1D
- 0.11%
- 1M
- -0.23%
- YTD
- 0.58%
- 6M
- 1.27%
- 1Y
- 3.25%
- 3Y*
- 3.54%
- 5Y*
- 2.32%
- 10Y*
- 1.75%
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PZT vs. MEAR - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than MEAR's 0.25% expense ratio.
Return for Risk
PZT vs. MEAR — Risk / Return Rank
PZT
MEAR
PZT vs. MEAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco New York AMT-Free Municipal Bond ETF (PZT) and iShares Short Maturity Municipal Bond ETF (MEAR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| PZT | MEAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.41 | 2.81 | -2.40 |
Sortino ratioReturn per unit of downside risk | 0.59 | 3.78 | -3.20 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.73 | -0.63 |
Calmar ratioReturn relative to maximum drawdown | 0.67 | 3.77 | -3.10 |
Martin ratioReturn relative to average drawdown | 1.67 | 21.16 | -19.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PZT | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.41 | 2.81 | -2.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 2.38 | -2.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 1.16 | -0.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 1.09 | -0.74 |
Correlation
The correlation between PZT and MEAR is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PZT vs. MEAR - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.57%, more than MEAR's 2.87% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.87% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
Drawdowns
PZT vs. MEAR - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for PZT and MEAR.
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Drawdown Indicators
| PZT | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -2.68% | -20.05% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -0.86% | -5.07% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -1.12% | -18.01% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | -2.68% | -16.45% |
Current DrawdownCurrent decline from peak | -3.94% | -0.24% | -3.70% |
Average DrawdownAverage peak-to-trough decline | -3.92% | -0.19% | -3.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 0.15% | +2.22% |
Volatility
PZT vs. MEAR - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.74% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.37%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZT | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 0.37% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 0.60% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.11% | 1.16% | +5.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 0.98% | +5.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 1.52% | +5.41% |